diff --git a/core/setup.py b/core/setup.py
index 0e2f457ea00..e59808ab9a9 100644
--- a/core/setup.py
+++ b/core/setup.py
@@ -51,7 +51,7 @@
         'scripts/dbt',
     ],
     install_requires=[
-        'Jinja2==2.11.3',
+        'Jinja2==3.1.1',
         'agate>=1.6,<1.6.4',
         'click>=8,<9',
         'colorama>=0.3.9,<0.4.5',